RIYADH: In a coordinated move, Saudi Arabia and the United Arab Emirates (UAE) announced on Sunday that they would cut their oil production by 772,000 barrels per day (bpd) from May, citing the need for market stability as a precautionary measure.
According to official statements released by the countries, the production cut will last for the rest of the year.
Kuwait also joined the move, while Iraq followed suit with its own output cut of 211,000 bpd, to take effect from May 1 and last until the end of the year. Algeria also announced a “voluntary” cut of 48,000 bpd over the same time frame.
The production cut comes on top of the decision by the Organization of the Petroleum Exporting Countries (OPEC) in October 2022 to slash production by two million bpd, despite concerns that it could fuel inflation and lead to further interest rate hikes.
An official from the Saudi energy ministry emphasized that the latest cuts were aimed at supporting the stability of the oil market, according to the Saudi Press Agency.
Oil prices have been volatile in recent years due to various factors such as the Covid-19 pandemic, geopolitical tensions and changes in global energy consumption patterns.
The latest production cut by Middle Eastern countries is expected to support oil prices, which have been rising in recent weeks amid concerns about supply shortages and rising demand.
Major oil producers to closely watch Saudi, UAE oil cut decision
The move by the Middle Eastern countries is likely to be closely watched by other major oil producers, including Russia and the United States, as they consider their own production levels in the coming months.
The coordinated production cut by Saudi Arabia, UAE, Kuwait, Iraq and Algeria is seen as a significant step towards stabilizing the global oil market, which has been marked by volatility and uncertainty in recent years.
The impact of the production cut on global oil prices and the broader economy will depend on a range of different factors, including geopolitical tensions, supply disruptions and changes in global energy consumption patterns.
The production cut is likely to be welcomed by oil markets, as it signals a concerted effort by major oil producers to support market stability and address concerns about supply shortages and rising prices.
![NEW YORK: Pakistan's former Foreign Minister Bilawal Bhutto Zardari, leading Pakistan’s high-level parliamentary delegation, on Tuesday warned that India's aggressive actions pose a serious threat to peace in South Asia and urged the international community to take note of India's aggressive conduct. Bilawal was addressing a press conference at the United Nations headquarters in New York on recent regional developments after the military conflict between India and Pakistan. The Pakistani delegation is in New York to present Pakistan’s stance on the military escalation with India and to challenge New Delhi’s narrative at the global level. The visit is part of Pakistan’s sustained diplomatic outreach to brief key UN stakeholders on the alarming regional situation. The Pakistani delegation is also scheduled to arrive in Washington today, where it plans to engage with Secretary of State Marco Rubio, other senior officials, lawmakers, and think tanks till June 6. The team will also visit London and Brussels. Speaking at the press conference, Bilawal said that he wanted to use the opportunity to share Pakistan’s perspective on the recent military conflict with India in the wake of the Pahalgam attack and the way forward. Bilawal said that the “illegal strikes” launched by India as part of its ‘Operation Sindoor’ were “in violation of the UN Charter, international law”. He said the attacks had targeted civilian infrastructure, places of worship, energy infrastructure and innocent women and children. He said India had used the April 22 terrorist attack in Indian Illegally Occupied Jammu and Kashmir’s (IIOJK) Pahalgam as a pretext to launch the attack inside Pakistan. Following the Pahalgam incident, Pakistan's Prime Minister Shehbaz Sharif offered publicly to India that Pakistan was ready to be part of any impartial international investigation into this attack. “We did so because we were confident, our hands were clean and we had nothing to do with this terrorist attack. “We expressed our sympathy with the victims of terrorism and Pakistan has consistently and unequivocally condemned terrorism in all its forms and manifestations,” he said, adding that PM Sharif had immediately expressed Pakistan’s willingness to India and the global community to be part of any impartial international investigation. “Indian government refused Pakistan's offer and chose instead to conduct their illegal strikes. Pakistan only then acted in self-defence, we never initiated any violence against India,” Bilawal said. Bilawal emphasised that Pakistan never initiated hostilities against India but responded to Indian aggression by downing six Indian fighter jets. "The Pakistani military had responded with precision the night of the first Indian attack and only targeted and downed six planes because we believed those were the ones to release their load on Pakistan”. He stated that US President Donald Trump and Secretary of State Marco Rubio played a vital role in achieving a ceasefire during heightened tensions between the nuclear-armed South Asian neighbours. “We’ve seen during the course of this conflict how quickly the escalation ladder between our two countries rose and the concern is that the next time there is such an incident, there may not be time for the international community to intervene before things get a lot worse. That is why it is absolutely important for Pakistan and the international community to continue to pursue dialogue and diplomacy as the only viable path to peace.” He said Pakistan’s position was to hold a “comprehensive dialogue” with India that would include the issue of terrorism as well. The head of the Pakistani delegation said that no civilized nation can support the use of water as a weapon and urged the international community to play its part, questioning, "What would be the global reaction if someone’s lifeline was cut off?" He stressed that Pakistan has paid a heavy price in the fight against terrorism and has suffered the most. “The single largest number of terrorist attacks that take place in any one country is Pakistan. The single largest number of victims of terrorism is Pakistan. I myself have suffered at the hands of terrorists. My mother [Benazir Bhutto] was assassinated by the terrorists.” Bilawal also criticised India for targeting water reservoirs and civilian areas, including mosques, during its attacks. Calling negotiations the only path to peace, Bilawal reiterated that the unresolved Kashmir dispute remains the root cause of regional instability. He urged the global community to take notice of India’s aggressive conduct.](https://wenewsenglish.com/storage/2025/06/Bilawal-Bhutto-Zardari-300x180.jpg)
